Feb 12, 2013 7:00am PST
to being a cardinal. take his old name, joseph ratzinger. will he be able to counsel the next pope? >> well, if the next pope would like it, i'm sure he could. however, if -- some people have suggested, wait a minute. you're going to have two popes at work. that's not true. the pope is retiring because he wants to retire. if he wanted to have influence on the church still, he would stay as pope. i would expect very much -- the fact he's going to a monastery -- will be living in a monastery is significant. he wants a quiet life of study and of prayer. i assume that if the new pope wants to ask his counsel, he's clearly going to give it. but he's not going to go -- he's not going to be there looking to try to influence the next pope. >> and the new -- the cardinals will be meeting right after the pope resigns on february 28th at 8:00 p.m. will the deliberations about the next pope begin immediately? >> they could begin. we'll find out that in the next few days. they could technically begin as early as the day after, as early as march 1st. but you have to remember, it's never the conclave, whi
Feb 11, 2013 7:00am EST
's a great statement about the humility of joseph ratzinger, as he will become at the moment of his abdication once again. and in a strange way, this is his last great service to the church. he wants the church to have the kind of strong leadership that it needs. as i understand it, the process will unfold rather much like the process would unfold had the pope died except for the fact that the cardinals will obviously now be gathering in rome in the weeks before february 28th so that they can enter the conclave immediately on the abdication of the pope and begin the process of choosing his successor, which could take several days or several weeks. >> for those who are not familiar with this process, the papal conclave will be convened and require a tw-thirds majority among the cardinals to elect a successor? >> that's correct. and one thing about the timing of this that is interesting is that the college of cardinals is now just about as full as it can be. the maximum number of the electors is set at 120. i think we're almost there right now. so, this will be the largest conclave in
Feb 11, 2013 7:00am PST
. what has struck me in the 25 years i have known the man who will return to being joseph ratzinger, is the simplicity of his soul. this is a thoroughly convinced christian believer who happens to be one of the smartest people in the world who speaks six or seven languages with complete flewency, who knows the history of biblical religion from "a" to "z." who never wanted to be an executive, a manager, who always thought of himself primarily as a scholar. but who somehow could translate all of that learning into beautiful simplicities about god's love for the world and for god's people. >> and, george, even as we honor the service of this pope, we look forward to the election of a new pope. and tell us about this process. i mean, is this a sort of thing where, for lack of a better term, there are front-runners? >> there will be an enormous amount of ink spilled in the italian press over the next two weeks about front-runners. most of that would be silly. there are a number of cardinals who fit what would seem to me to be the profile. first of all, a man in full physical vigor. that
Feb 28, 2013 9:00am EST
, after eight years, formal cardinal joseph rat ratzinger retires as pop. as we continue to see what the conclave will do as we search for his successor as the entire world watches what is happening with him. >>> got some breaking news out of the new york fed. a hard right turn here to steve liesman. >> why does this always happen to me, carl? >> hard to follow the pope, my man. >> exactly. let me do my best. the new york fed reporting that total consumer indebtedness rising a scant 3% to 11.3 trillion. housing debt was flat. it was a small gain but the first gain we've seen since the first quarter of 2011, that was thought to be a bit of a statistical anomaly. so maybe this is the first real gain. let me show you what rose. auto loans up 15 billion. credit cards up 5 billion. the perennial student loans up 10 billion and they have been rising quite a bit. delinquencies are quite high. all delinquencies declined except for student loans and they were up almost 12% and probably because of a whole bunch of different reasons, carl, they could be twice as high as that. carl, back to you.